Prime Minister of South Korea: Cryptocurrencies Corrupt Our Youth

South Korean Prime Minister Lee Nak-yeon is convinced that digital currencies like Bitcoin have a bad impact on adolescents. Cryptocurrencies could encourage illegal activities such as drug trafficking as more and more young Koreans want to make quick money. Prime Minister Lee Nak-yeon, on Tuesday after a Cabinet meeting, found himself forced to publicly comment on Bitcoin's positive performance. The growing speculative business with cryptocurrencies leads to his opinion that more and more young Koreans are drawn into the sale of drugs. Nak-yeon is also worried about his country's rise in illegal business following the Ponzi scheme. "There are cases where young Koreans, including students, enter the business to earn the quick buck. Virtual currencies are used in illegal activities such as drug trafficking or multi-level fraud marketing, "Lee said in his official statement translated into English by the news channel CNBC. This development could lead to serious damage or pathological social phenomena, if one does not react, he said. So far, the South Korean regulators have been rather skeptical about cryptocurrency. In September this year, the regulator announced that it would ban the issuance of new initial coin offers (ICOs). With that, the tax authorities followed the example of China, where shortly before this fairly new and unregulated form of crowdfunding was banned. According to own data one wanted to forestall by the prohibition further fraud attempts in the South Korean financial sector. According to media reports this could not brake the interest of the South Korean people in Kyptowährungen so far. The trade volume of the global bitcoin market is expected to be around 18% for the South Koreans.BTC-ECHOAbout Lars SobirajLars Sobiraj started in 2000 as a career changer for various computer magazines. In 2006, gulli.com added new priorities: network policy and copyright. After leading the editorial team until October 2012, he now works freelance for various online magazines and of course for his own project, Tarnkappe.info. In addition, Lars Sobiraj teaches students on Sustainable Marketing & Leadership (M.A.) at Cologne University of Applied Sciences Fresenius how to use the Internet and social networks. Some time ago there was a growing interest in cryptocurrency, which fortunately works without the control of central banks. I would like to do my part to ensure that Bitcoin & Co. are not only of interest to pure speculators, but also to the woman and the man next door. All contributions by Lars Sobiraj